$3.9Bn to kickstart Philippine Crypto Valley

The vision to transform northern Philippines into Asia’s Crypto Valley is now a step closer as the The Cagayan Economic Zone Authority (CEZA) received $3.9 billion in investment commitments from Chinese investors.

The Cagayan Economic Zone Authority (CEZA) received $3.9 billion in fresh investments from Chinese companies to kickstart the vision to transform the Philippines’ northern tip into Asia’s Crypto Valley to rival Zug, Switzerland.

CEZA administrator and chief executive officer Jose Lambino said the investment commitments were a result of meetings with companies which attended the 2nd Belt and Road Initiative (BRI) Forum in Beijing, China.

Lambino said he signed seven memoranda of understanding (MOU) and two letters of intent (LOI) with the Chinese companies, majority of which is for infrastructure projects in Sta. Ana, Cagayan to propel the development of the Cagayan Special Economic Zone and Freeport.

Lambino also signed an MOU with Xiamen-based Fong Zhi Enterprise Corp. for the construction of a $2-billion Smart City in Fuga Island, Aparri town to be patterned after the latter’s ongoing mega-infrastructure project in Fujian province, China.

The Chinese company will also be setting up an agricultural breeding center, soil improvement projects and medical schools, CEZA said.

Fong Zhi Enterprise Corp. also signed a cooperation agreement with local company Isla Fuga Resort, Inc.

The LOI signed were with Baoye Construction Group and Tian Gong Construction Group based in Shaoxing City for the development of an integrated resort and global entertainment projects, a golf course and other leisure and shopping facilities.

On the other hand, Shanghai Jucheng is planning a $150-million township and manufacturing plant for lithium batteries for sustainable energy production while Pai Hao is investing $500 million for the upgrade and expansion of the Lal-lo International Airport for wide-bodied aircraft, CEZA said.

Moreover, Shenzhen Dawah will be tying up with the Apsaras Group Ltd. to establish a $100-million marina, watersports training center and private villas, while China Zhejiang Guannan Group will be putting up $500-million “green” textile production hub for global distribution in CEZA.

Golden Millennial Quickpay Inc. will be building a $100-million fintech hub in its 10-hectare property near the planned CEZA Global City in Barangay Rapuli while Yatai International is looking to acquire property for a $500-million satellite city.

Business agreements signed with Chinese firms during the BRI forum amounted to a total of $12.165 billion.